The company said the move marked a key step in its strategy to expand operations, enhance innovation and improve shareholder returns.
The offer comprises 5.295 billion ordinary shares of 50 kobo each, priced at N1.10 per share.
It is offered on the basis of two new shares for every three existing shares held.
Chairman, Mr Temitope Borishade, said the capital raise aligned with the company’s long-term vision to scale operations and deliver greater value.
“This capital raise represents an important step in repositioning the company to meet evolving market realities.
“It will also expand our capacity to deliver innovative insurance solutions across key sectors of the economy,” he said.
Borishade said the move reflected the company’s commitment to better services for customers and brokers, while boosting shareholder returns.
Managing Director, Mr Ademola Abidogun, said the initiative was beyond regulatory compliance and aimed to build a stronger, more competitive firm.
He said the additional capital would enhance financial stability, increase underwriting capacity and support investments in technology and operational efficiency.
Abidogun added that the funds would drive expansion into retail and SME segments, promoting insurance penetration and financial inclusion.
He said the transaction would position the company to deliver sustainable value to shareholders and improved protection to customers.
Group Managing Director of Anchoria Advisory Services Ltd., Mr Sam Chidoka, praised the company’s growth and urged shareholders to take up their rights.
He also encouraged investors to leverage opportunities through traded rights when the offer opens.
The company reaffirmed its commitment to building a resilient future and urged shareholders and investors to participate in the offering.
